Bitcoin News Today – Headlines for December 21

Bitcoin Trading
  • A prominent crypto analyst predicted the fall of BTC to $6,700 over five months ago
  • Bitcoin’s uptrend would soon rebound says analyst Dave
  • Velvet Bitcoin price prediction prior to the halving is $20k

Bitcoin News Today – In June, when the price of BTC was rising over $10k, almost every trader expected the coin to continue surging higher. Nevertheless, one crypto analyst predicted the return of rationality to the market. He said that the rise over the $10k level was a clear overextension of the long-term growth curve of Bitcoin (BTC). The analyst also said that Bitcoin (BTC) looked poised to plunge to $6,700.

Dave the Wave’s Prediction Came to Pass Last Month

The analyst’s – Dave the Wave – bearish BTC price prediction happened last month when Bitcoin plunged from $8k to $6,700. This move validated a call the analyst made more than five months ago. The bears seem to be in charge of the market at the moment. However, Dave is beginning to believe that it is time for the upward trend of Bitcoin (BTC) to resume. He also pointed out a couple of technical factors to back this optimistic opinion.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Prominent Analyst Predicts the Resumption of Bitcoin’s Uptrend

The analyst recently said that his price target for the digital currency market is de-facto ‘M1, M2, and M3” readings. In traditional markets, these are the measure of different forms of ‘money’ in the economy of the world. They also recently hit retracement targets: M1, the market cap of Bitcoin, has recorded a 50 percent retracement; M2, the valuation of the entire market, has seen a retracement of 61 percent, and M3, the market cap of altcoins, has recorded a 78 percent retracement.

These retracement values are notable in the eyes of technical analysts, as they are Fibonacci Retracement values. For Dave, the fact that these measures have gotten to those values suggests that digital currency may soon rebound. In a tweet, Dave said that he expects the one-week Moving Average Convergence Divergence indicator of Bitcoin (BTC) to turn upward, which will ignite the next bull market.

Velvet Predicts $20k before Halving Next Year

A popular digital currency trader – Velvet – recently said that this week’s close for Bitcoin is very important. He added that the key thing BTC needs to do by Sunday’s close is holding a vital trendline. The trend line in question is currently sitting in the high $6,000s, which Bitcoin is currently above. Velvet said that if BTC rides that level, it could surge to as high as $20,000 by March, referencing the fact that the price of Bitcoin always surges before its halving event, surging on the expectation that a negative supply shock would hit the market.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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